The Bitcoin Thread or, How The Fed Is Going To Fuck You

[SuburbanFarmer]

And yes, I’m completely in favor of going back to the gold standard. Or platinum. Or shells. Anything not fiat would be a wonderful thing.

You say that now.

In fact being inside the Euro-system has basically functioned as if there would be a gold standard: the efficient countries like Germany prosper in the system, for countries with dysfunctional economies like Greece it's a burden, because they cannot use their age old tactic of debasing their currency either through devaluation or inflation or both. A true gold standard punishes immediately lousy economies.

Hence countries would definately get into trouble in a gold standard. Likely sooner or later the US, because in an functioning gold standard system the US couldn't borrow as it can now. We already saw this when the US defaulted, or, shall we politically correctly say went of the gold standard during the Nixon years.

If you're talking about the gov. defaulting, all in the name of self defence and industry/GDP... or even anything else that could benefit the country by borrowing; then I wonder how we survived economically much longer after the major wars we fought in pre Cold War using a gold backed currency system.

The gold standard was abandoned by all of the western nations, about halfway into WWI, when they ran out of cash. Then Great Depression happened, and it came back. Then WW2, and it was gone again. Take the time, and watch these. They're actually really entertaining.

[SuburbanFarmer]

The first crypto-currency banned by the Federal Government.

https://www.zerohedge.com/news/2018-03- ... tocurrency

Trump Issues Executive Order Banning Purchases Of Venezuela's Cryptocurrency

“Available information indicates that, once issued, the Petro digital currency would appear to be an extension of credit to the Venezuelan government,” the Treasury department said in a statement to Reuters.

And now, the US is escalating, with Bloomberg reporting first that Trump issued the order on Monday prohibiting U.S. citizens from engaging in transactions using the oil-backed cryptocurrency. He authorized Treasury Secretary Steven Mnuchin to issue any necessary regulations to enforce his order.

[Speaker to Animals]

A petro-based currency is a bit more preferable to prime numbers in terms of value. I can see why they'd ban the fuck out of that.

[TheReal_ND]

[SuburbanFarmer]

All cryptocurrencies now banned in India. By their central bank.

https://www.blockcubed.com/report-india ... ationship/

“It has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time. A circular in this regard is being issued separately”

[SuburbanFarmer]

Ahahahah... ahhhh....

https://www.zerohedge.com/news/2018-04- ... ed-cryptos

A Reddit user who was "surprised" to learn he owed the IRS roughly $50,000 from his crypto-trading profits - money that he had not set aside when he cashed out his bitcoins at the height of the boom - complained in a viral post that crypto trading "ruined his life."

The alleged trader, who uses the screenname Thoway, explained that he bought eight bitcoins for $7,200 in January 2017 then cashed them out in December for about $120,000. Here's the catch: his altcoin investments quickly sunk, eating away most of his bitcoin profits. But unbeknownst to him, by selling his bitcoin, Thoway had inadvertently triggered a "taxable event".

Apparently, the "not money" is now taxable, according to Unca Sam.

[Hastur]

Ahahahah... ahhhh....

https://www.zerohedge.com/news/2018-04- ... ed-cryptos

A Reddit user who was "surprised" to learn he owed the IRS roughly $50,000 from his crypto-trading profits - money that he had not set aside when he cashed out his bitcoins at the height of the boom - complained in a viral post that crypto trading "ruined his life."

The alleged trader, who uses the screenname Thoway, explained that he bought eight bitcoins for $7,200 in January 2017 then cashed them out in December for about $120,000. Here's the catch: his altcoin investments quickly sunk, eating away most of his bitcoin profits. But unbeknownst to him, by selling his bitcoin, Thoway had inadvertently triggered a "taxable event".

Apparently, the "not money" is now taxable, according to Unca Sam.

I think all income is taxable from whatever source derived unless specifically excluded by the Internal Revenue Code. Doesn't matter if you spend all the earnings on stupid stuff. You still need to feed the pigs.

[Ph64]

Ahahahah... ahhhh....

https://www.zerohedge.com/news/2018-04- ... ed-cryptos

A Reddit user who was "surprised" to learn he owed the IRS roughly $50,000 from his crypto-trading profits - money that he had not set aside when he cashed out his bitcoins at the height of the boom - complained in a viral post that crypto trading "ruined his life."

The alleged trader, who uses the screenname Thoway, explained that he bought eight bitcoins for $7,200 in January 2017 then cashed them out in December for about $120,000. Here's the catch: his altcoin investments quickly sunk, eating away most of his bitcoin profits. But unbeknownst to him, by selling his bitcoin, Thoway had inadvertently triggered a "taxable event".

Apparently, the "not money" is now taxable, according to Unca Sam.

I think all income is taxable from whatever source derived unless specifically excluded by the Internal Revenue Code. Doesn't matter if you spend all the earnings on stupid stuff. You still need to feed the pigs.

Yup. Technically if you do work for your neighbor and they give you $500 cash you're *supposed* to claim it as income and potentially owe taxes on it. Now, of course, nobody does that... My neighbor is an arborist with a lift, chipper, etc, I've had him take a few trees down for me over my 25+yrs here and always paid cash - he discounts the price so I save, and he uses it for groceries and what not and doesn't claim it. Win-win for both of us.

But that only works when the government can't track it. When your bitcoin vendor deposits $120,000 into your bank account from the bitcoin you sold its eminently traceable and you're an idiot if you think the govt isn't going to find a way to get their claws into it.

[Fife]

Money?

[Speaker to Animals]

Money?

If one MacCoin equals one Big Mac, then a MacCoin is technically more intrinsically valuable than either a BitCoin *or* a USD.

It's only on the baseball card-like market of Forex that this won't be the case, which is to say: the value of intrinsically worthless things is psychological, whereas the value of a MacCoin would always be -- bare minimum -- a fucking Big Mac.